• Bharat @ BdH

COVID-19: Coronavirus Business Interruption Loan Scheme (CBILS)

To help with your cash flow during this very difficult time, the government has backed a Coronavirus Business Interruption Loan Scheme (CBILS) scheme to support small and medium-sized businesses.

The Coronavirus Business Interruption Loan Scheme
The government will cover the interest payments for the first 12 months and will pay the loan application fee.

How do I apply?

You will need to apply to your own bank in the first instance and they will need the following to consider your application:

  • The amount you would like to borrow

  • What the money is for — the lender will check that it’s a suitable business purpose and the right type of finance for your needs

  • The period over which you will make the repayments — the lender will assess whether the loan is affordable for you

How do I identify a suitable lender?

The British Business Bank offers a handy tool to help identify which lenders to approach in your region and for the type of finance that you are looking for.

What documents will I need to provide?

You will need to provide certain evidence to show that you can afford to repay the loan. This is likely to include:

  • Management accounts

  • Cash flow forecast

  • Business plan

  • Historic accounts

  • Details of assets

If you need any help with this process, we can help. Get in touch with us on 023 92 658 274 or bharat@bdhathi.co.uk

Where can I find out more?

Visit the British Business Bank here for further information

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